Shared ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell.
Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people. Usually, you can also carry on buying shares, to own it 100%.
City Park West
Hurry! Final 2 bedroom maisonette remaining. Book your viewing now!
City Park West will offers a collection of brand new apartments available to buy with Shared Ownership. All properties are designed to a high-quality specification, with open plan living spaces and stylish kitchens with integrated appliances. The development is ideally located to benefit from the city's superb transport connections, with Chelmsford train and bus stations both just a short walk away.
Local area information
Located a few minutes walk from Chelmsford Station, City Park West is ideally located for commuting. Fast trains to London Liverpool Street have a journey time of just 30 minutes, and run at 15-minute intervals throughout the day. In the other direction, a similar journey time will take you through open countryside to the Essex coast.
Bus links also couldn’t be easier, with the Chelmsford bus station opposite the rail station.For trips further afield, London Stansted and Southend airports are both about a 30 minute drive away.
From 2019, the Elizabeth Line (Crossrail) will run from a new eastern terminus at Shenfield Station, which has a journey time of approximately 10 minutes from Chelmsford Station.
Min share price from: £81,250 for a 25% share
Full price from: £325,000
Minimum deposit from: £8,125
Monthly rent from: £559
There is only one available priced at £81,250 for a 25% share.
It’s the same as buying on the open-market but you’re buying a share of a property, so therefore pay a mortgage on the part you own.
An independent mortgage advisor can help suggest which type of mortgage might be best for you, based on your situation.
Leasehold, which is essentially the contract for the share you've bought.
It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with the housing association. Make sure you go through it and ask lots of questions.
Your solicitor can help you with this.